Module 119- 120 Review Part 1 Question Preview (ID: 34422)


Module 119- 120 Review Part 1. TEACHERS: click here for quick copy question ID numbers.

This is a common rate used by banks and credit card companies to set their interest rates on loans and credit cards.
a) Prime Rate
b) Annual Fee
c) Penalty APR
d) Overlimit fee

Regardless of whether or not you use your credit card, some credit card companies charge a(n)
a) balance transfer fee
b) online payment fee
c) annual fee
d) overlimit fee

One benefit to having a credit card is that you can
a) pay interest on cash advances
b) establish a credit history
c) get a loan with a high APR
d) all of the above

Your interest rate on your credit card may rise if you
a) make a late payment
b) make a transaction or purchase
c) make an online payment
d) fail to join a rewards program

If you are vacationing with your family in Germany and you purchase souvenirs with your credit card, you may be charged a __________ to convert the monetary units.
a) return check fee
b) foreign transaction fee
c) deferred payment fee
d) all of the above

You made a purchase this month and were charged interest on the purchase. To be charged interest on a purchase, you must carry a __________ on your card.
a) balance
b) rewards program
c) prime rate
d) all of the above

__________ is expressed as a yearly rate.
a) APR
b) a purchase
c) a cash advance
d) an overdraft fee

You may be charged a __________ if you continually do not make your payments on time.
a) foreign transaction fee
b) penalty APR
c) prime rate
d) all of the above

Some credit cards let you earn cash back or offer other kinds of
a) rewards programs
b) cash advances
c) prime rates
d) overdraft fees

To avoid paying interest on purchases, you should pay more than the
a) overlimit fee
b) minimum payment
c) deferred payment
d) none of the above

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